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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Hash Ribbons Trigger Rare Bull Market Capitulation Signal

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
4 mins read
bitcoin bull market rare hash ribbon capitulation miner signal

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An important fundamental health signal of the Bitcoin network just crossed into “capitulation” territory, which in the past was associated with downside risk. However, the tool’s creator says that it wasn’t designed to give sell signals, and shouldn’t be interpreted that way.

But because of how profitable its been used as a buy signal over the cryptocurrency’s history, it is difficult to ignore a sudden anomaly in the asset’s market cycle that has never in the past appeared. So what exactly is going on and why did this rare signal just trigger?

What Gives? Bitcoin Hash Ribbons Signal Miner Capitulation As Bull Market Begins

There is no other asset on the face of the planet like Bitcoin. Altcoins created in its honor, and even hard forks that as closely mimic the first ever cryptocurrency as possible can’t come close to its market share dominance and potential.

Cryptocurrencies in general, share very few similarities with traditional assets like stocks. Due to this, the fundamental analysis methods typically used to forecast company share pricing are useless.

Related Reading | Bitcoin Dominance Is Days Away From Triggering A 30% Rally Against Alts

Instead, custom tools have been designed by experts like Charles Edwards that closely monitor specific Bitcoin network health metrics, such as hash rate, and more. Edwards also created the hash ribbons, which in the past have acted as the ultimate buy signal for the top cryptocurrency.

Its signals are few and far between, but it has notably provided the runway for the rally to Bitcoin’s all-time high, and again to $14,000 both recent attempts.

bitcoin hash ribbons The hash ribbons indicator is signalling that miners are capitulating, but why? | Source: BTCUSD on TradingView.com

On average, hash ribbon buy signals result in roughly 5,000% return. But before the buy signal takes place, BTC miners must capitulate, which the hash ribbons signal with a crossover to the downside.

The tool’s creator warns that capitulation isn’t a signal to sell, but is it foolish to ignore a signal that in the past has been associated with some of the cryptocurrency’s most signfiicant downside?

Reminder: Hash Ribbon capitulation is not a sell signal.

It never was.

— Charles Edwards (@caprioleio) October 30, 2020

Rare Capitulation Signal Appears For First Time Ever Post-Halving, But Why?

Since 2019 alone, this makes the fourth time miners have capitulated according to the hash ribbons. The first in 2019, was when Bitcoin fell to $6,000 in late December.

Black Thursday happened so fast, capitulation in this case came after the collapse itself. During this time, the top crypto asset traded way below the cost of production – another BTC fundamental tool Edwards has created.

Another captiulation event happened post-halving, just as the cost of production spiked above price action, but Bitcoin price quickly caught up.

Now, capitulation in BTC miners is back in the air. Most instances led to downside, some even severe. Prior to 2019, capituation of miners sent Bitcoin plummeting to its current bear market bottom of $3,200.

bitcoin hash ribbons

The hash ribbons indicator is signalling that miners are capitulating, but why? | Source: BTCUSD on TradingView.com

Crypto investors find comfort in comparing the last market cycle against the current, expecting similar results. However, according to the hash ribbons, things are already vastly different.

During the last bear market, the hash ribbons triggered three times. The short-lived bear market before it in 2012-2013 also had three distinct triggers.

Related Reading | Crypto Analyst: Altcoins To “Tank” While Bitcoin Runs For All-Time High

This time around, however, Bitcoin is working on its fifth time. Black Thursday was an acceptable anomaly that created an extra fourth fallout capitulating miners, but what is causing a fifth time? And will this be the final buy signal before the bull run when BTC miners have completed capitulating?

Each round of capitulation, in theory, shakes out weak miners leaving only the strongest to survive, in turn strengthening Bitcoin’s network and making the bull market more sustainable.

So even if Edwards is wrong and the tool can spot sell signals also, when the buy trigger arrives, it could be an opporotunity of a lifetime.

Note: To learn more about Bitcoin fundamental tools, including the hash ribbons indicator created by Charles Edwards, check out the recently launched NewsBTC crypto trading course.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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